Rochester is ready to see a fresh burst of startup activity, thanks to a new business accelerator put together by the
Mayo Clinic and the
Rochester Area Economic Development Initiative.
The Mayo Clinic Business Accelerator at the Minnesota BioBusiness Center features space that can be leased by entrepreneurs, startup companies, venture capitalists and professional service provider. According to Dr. John Noseworthy, president and CEO of Mayo Clinic, the accelerator was put together to spark the growth of healthcare-related businesses in the area.
"The accelerator is an example of the strength of a strong partnership between Mayo Clinic and the community, to make it easier and more affordable for companies to start and locate in Rochester," Dr. Noseworthy says.
There are seven founding tenants, including
Versant Ventures, a venture capital firm that specializes in investments in medical devices and biopharmaceuticals, and Evidentia Health, an IT company focusing on healthcare clients. Other tenants include
Resoundant, Zumbro Discovery, and
VitalHealth Software.
Mayo Clinic aims to provide a nurturing space so that companies can avoid the type of startup roadblocks that might hinder growth.
Dr. Noseworthy added that the accelerator fits in well with
Destination Medical Center, a $5 billion economic development initiative that is projected to create up to 45,000 new jobs in Rochester and other parts of the state.
Startup companies are willing to locate in Rochester, Dr. Noseworthy notes, but they need to infrastructure to stay in the city. "Without that, they are vulnerable to leaving not only Rochester, but the state of Minnesota."
Source: John Noseworthy, Mayo Clinic
Writer: Elizabeth Millard